Banks and Trust Companies (Licence Applications and Fees) Regulations (2021 Revision)
Regulations prescribing the application process, required documentation, initial grant fees, and annual renewal fees for various categories of bank and trust licences in the Cayman Islands.
Banks_and_Trust_Companies_(License_Applications_and_Fees)_Regulations_(2021_Revision).pdf
2026-04-27
The Banks and Trust Companies (Licence Applications and Fees) Regulations outline the procedural and financial requirements for obtaining and maintaining a bank or trust licence under the banks-and-trust-companies-act-2025.
Application Requirements
To apply for a licence, applicants must submit a comprehensive package of information to cima, including:
- An application fee of CI$2,000.
- Evidence of incorporation and constitutional documents.
- Detailed questionnaires and references (character and financial) for all directors, managers, officers, and natural persons holding more than 10% of issued share capital.
- Annual accounts for the preceding two years for corporate shareholders holding more than 10%.
- A detailed business plan outlining aims, initial assets, expected liabilities, management structure, and customer base.
- Evidence of adequate professional knowledge and experience in the banking or trust business.
Capital Requirements
Applicants must demonstrate minimum paid-up capital:
- "A", "B", or Trust licence: Not less than CI$400,000 (or equivalent).
- Restricted "B" or Restricted Trust licence: Not less than CI$20,000 (or equivalent).
Key Definitions
- Private Banking Services: Banking business conducted with high net worth individuals (over $800,000 or as determined by the Authority).
- Residents: Individuals or businesses that reside in the Islands for not less than one year, have a physical presence, or engage in significant economic activity in the Islands.
Fee Structure (Base 2021)
The regulations establish a complex fee structure for the initial grant and annual renewal of licences, varying by licence category ("A", "B", Trust, Restricted, Nominee) and any associated restrictions.
Note: The fee structure for Category "A" licences has been significantly modified by the banks-and-trust-companies-licence-applications-and-fees-amendment-regulations-2025.
Category "B" licence renewal fees are tiered based on total assets, ranging from CI$60,000 (assets under US$100 million) up to CI$100,000 (assets over US$5.0 billion).